CADJPY has been bullish on the daily chart. The chart produced two consecutive bullish daily candles. Today’s H4 chart suggests that the price has been on consolidation. There is a flipped level of support nearby, which may hold the price and produce a bullish reversal candle. If that happens, the buyers may trigger a long entry above consolidation resistance. Let us have a look at the H4 CADJPY chart.
This trade idea was generated by our powerful Elite Swing Trader System on an H4 time frame.
CAD/JPY Daily Price Forecast – 13th Feb 2020
The price after heading towards the North found its resistance at the level of 83.070. As of writing, the current candle has been bearish. The pair is trading around the level of 82.790, which may work as a level of flipped support. If it produces an H4 bullish reversal candle, the buyers may trigger a long entry above the level of 83.070. Let us have a look at the summary of the trade…
- Buy Stop: 83.127
- Stop Loss: 82.713
- Take Profit: 83.559
The price may head towards the level of 84.400 with good bullish momentum. Thus, the buyers in this trade setup may consider taking partial profit and let the rest of the trade run. The level of 84.400 is daily as well as weekly resistance. Thus, the price most likely goes towards that level and plays around it. Let us wait and find out whether the flipped level holds the price and produces a bullish reversal candle followed by a breakout. If that happens, the trade may give us a handful of pips with an excellent risk-reward.
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